Daily Pivots: (S1) 194.40; (P) 195.63; (R1) 196.34; More…
GBP/JPY’s pullback from 196.83 extended lower and intraday bias is turned neutral. Further rise will remain in favor as long as 193.75 support holds. Firm break of 196.83 will target 199.79 resistance first. However, sustained break of 139.75 will indicate near term reversal and turn bias to the downside for 191.86 support and possibly below.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 175.94 will bring deeper fall even still as a correction.
